I have huge credit card and personal loan debt. My husband is about to be unemployed, but I have a job.
What chances do I have of settling outstanding debt with Avant, Elastic.com or mobiloans?
Negotiating personal loans with Avant is going to be like settling with a similar lender, such as Springleaf, OneMain, or even Lending Club. But there will be some differences to how you approach your goal with Avant.
Settling personal loans you could no longer afford does require you to have stopped paying. You cannot call Avant while current, and having just paid 2 weeks ago, and request a balance reduction. In the same way you typically have to settle unpaid credit cards many months after payments stop, you have to fall months behind with Avant.
Avant may offer you payment solutions that could potentially fit your budget. The way to find out is to be proactive in asking about them. You can make a call now, before you missed a payment, and talk to them about any programs they have for someone in your situation. There may be some hardship repayment plans Avant will offer, where your monthly payment can be reduced for a few months or longer.
If a payment plan can be set up with Avant, and it is within your budget, this could be the help you need. If the payment plan Avant offers is not something you can commit to with 100 percent confidence, I would skip it if it were me.
Agreeing to a payment option when you are skeptical you will be able to afford that amount every month is a good waste of time and money.
Avant does negotiate settlements. You will have opportunities to negotiate the settlement directly with Avant, or you may end up settling with a debt collector they later send your account to.
I am a big fan of negotiating and settling as fast as you can. The reasons to settle quickly are several.
Do you have the ability to raise the money to settle with Avant if they accepted half? What about the money you will need to settle the other accounts? What if those settled for roughly half?
If you cannot settle all of your accounts quickly (that your income can no longer support), you can have success settling them one at a time. You will then want to be strategic with which you settle first. Sometimes settling Avant early will be the right thing to do, and other times you might place another creditor ahead of them.
The timing of when your settlements with each personal loan will be optimized – to save you the most – can run faster than credit cards. This is because personal loans are typically going to charge off quicker (by a couple months), and therefore get subjected to the lenders collection protocols sooner.
Most debt negotiation is going to happen over the phone. Check out this video about what to say, and not say, to a debt collector (this goes for collectors for original creditors like Avant too):
Avoid sending in settlement offer letters yourself. That is nearly always unproductive, and can actually do more harm than good when you use some of the templates I have seen.
Your chances of settling with Avant and the other two are pretty good. It is important to ask another question, and that is, should you settle? Check out my article about your 6 mainstream debt relief solutions and let me know if another approach I detail there makes more sense for you.
Post your balance with Avant and the other personal loans in the comments below, and include when you last made a payment. I can offer more feedback from there. The longer it takes to raise money to settle, the more likely you will be settling the loans with outside third party debt collectors.
Anyone dealing with an Avant loan you can no longer keep up with paying can post in the comments below for feedback, or reach me on the phone at 800-939-8357, ext 2.
Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
Michael, I’m a senior on a fixed income who gets paid at the end of each month. My Avant Credit Card people will not change my due date for just one week later. I’ve been paying my minimum balance, but find myself further and further behind due to late fees and accruing interest rates. The minimum balance due is now over 300.00. It is now a hardship and a nightmare for me. Any suggestion would be appreciated. Thank you.
It sounds like your monthly cash flow is so tight that it does not allow you to get one month ahead of your payment so that you can thereafter pick any day of the month you want for your payment to Avant.
If you have spoken with Avant and they are unable to offer you any form of a hardship payment, or to waive fees to allow you to catch up to your cash flow, you may have to think about alternatives for resolving your debt.
What is the balance on your Avant account?
What are the balances on any other unsecured credit cards and loans you have, and who are those accounts with?
Do you have a mortgage?
Do you have a car payment?
I have a credit card balance with Avant for $3000 that I have not paid in three months. I just took out a distribution from my small 401K to pay off some of the many credit cards (6)I have balances on. I want to make the most of this money since this is all I have. Avant is the only card I have defaulted on. Should I try to negotiate with Avant, or should I just try to pay as many of the others balances that I am able to? Avant will know that I am current with my other creditors if and whenI do call to negotiate.
It would help me to know who the other accounts are with an what the balances are.
It would also help to know if you have any major credit or financing goal in the next 12 months, or if you need to move and get approved for a new place in the next 12 months.
I will be better able to offer you the feedback you are looking for with answers to those questions.
As far as when to call Avant and negotiate a settlement it can range between 4 and 7 months late.
You are welcome to schedule a phone call with me here: https://calendly.com/debtbytes/15min
Hi Michael. I have a debt with One Main Financial, besides credit cards. I am a few months behind on the cards and 1 month behind on One Main. I cannot afford to pay One Main and want to negotiate a settlement with them. What is the best approach in working with them? Should I quit paying them completely for a few months, then contact them?
Virtually all settlements on unsecured debts begins with missed payments for several months before productive settlement negotiations should begin.
Here is more about the life of an unpaid debt.
Hi Michael, I’m unemployed and have been struggling to keep the payments up on my 2 loans combined (Avant & Net Credit). I’m not 30 days late on either. I missed my payment today for Avant because I was approved for a Debt Management Plan with National Debt. I became hesitant to finalize with National when they told me that I would have to stop paying and be delinquent for 4-6 months. This will really hurt my credit. I’m only between 15-30 points away from having good credit and I’ve worked so hard to get to this score after going thru bankruptcy in 2018. National says this plan will help in the long run. What advice do you have on the REAL impact this would have on my credit and if I should do the plan? Also, I’m being charged 23% for the service. Is it free if I go thru a non-profit service? I need to get rid/settle atleast 1 of these loans. Please help with advice. 1) Avant (account listed in current status)
Original Loan – $6,000
Monthly Payments – $251.92
Paid – $1,007.68 (total of 4 payments made) $435.08 went towards the principal.
Net Balance as of 3/10/20 – $5,702.96
Total payments due at 32.95% – $9,069.19
Last Payment Made – 2/10/20 2) Net Credit
Original Loan – $4,000
Payment – $94.88 every 2 weeks ($189.76 monthly)
Paid – $94.88 (total of 1 payment made) next payment due 3/13/20.
Net Balance (b4 interest & fees) – $4,000
Total payments due at 57.76% – $12,327.65
Current Balance showing as of 3/10/20 – unknown
Last Payment Made – 2/28/20
You cannot settle with out a big hit to your credit, even if Avant would take less without you being late, which they don’t.
Non profit credit counseling will put you on a payment plan, but Avant often does not lower the interest like a credit card bank would on those plans, so there is little point. And they are not free.
National Debt Relief charges too much in my opinion. We have people here that are great at settling for you that charge 15% of savings, so far more affordable, but I am not sure settling is right for you if you are sensitive to your credit scores.
I have about 70k worth of debt with 6 different creditors. I enrolled in a debt settlement program but I am worried about one creditor since it is a personal loan with Upstart for about 33K. I have only missed one payment but I was wondering if I could settle the account myself on a payment term since I will not be able to raise enough funds for a settlement offer while in the program. If so what are my best options at doing so and how much should I offer as monthly payment?
This may be the one to get help with, where some of the credit card banks are easier for you to settle yourself.
Click the get help tab in the upper right corner and fill in your user profile and schedule a call with me if you would like to talk more about strategy with each of your accounts.
Hi. I have multiple accounts in which I have fallen behind. I am in my 70’s with all income from Social Security, VA Disability and Civil Service retirement. Since the passing of my spouse, there is no longer their social security income and part of my income is reduced as a result of their passing since I no longer have them as a dependent. The accounts w/delinquencies are as follows: 1) NetCredit (account listed in ACCELERATED status)
Original Loan – $6,400
Payment – $421.43
Paid – $842.86 (total of payments made)
Net Balance (b4 interest & fees) – $5,557.14
Current Balance showing as of 2/15/17 – $7,994.94
Last Payment Made – 9/1/16 2) Avant
Original Loan – $6,500
Payment – $297.37
Paid – $594.74 (total of payments made)
Net Balance (b4 interest & fees) – $5,905.26
Current Balance showing as of 2/15/17 – unknown
Last Payment Made – 9/8/16 3) Personify Financial
Original Loan – $7,900
Payment – $312.39
Paid – $4,998.24 (total of payments made)
Net Balance (b4 interest & fees) – $2,901.76
Current Balance showing as of 2/15/17 – $5,692.87
Last Payment Made – 9/3/16 4) Navy Federal Credit Union (credit card)
Original Amount – $4,963.59
Payment – $100.00
Paid – $0.00 since going delinquent on this balance
Net Balance (b4 interest & fees) $4,963.59
Current Balance showing as of 2/15/17 – $5,238.30
Last Payment Made – 9/3/16 ($100.00) I’m currently living with one of my children since I could no longer afford to live on my own and they are willing to help me out of this situation as long as it’s not expensive. We’ve also done some research and think my income (Social Security, VA Disability, and Civil Service Retirement) may be free from being garnished, etc. I’d also like to note that I have a vehicle payment (just under 2 years remaining on a 6 year loan) that is and has been current since inception as well as 11 other credit cards with relatively small balances totaling $11,315.49 and payments that have also been kept current. Can you help shed some light onto this matter. Any help is greatly appreciated.
You are already more than 90 days late, and will not be able to walk back the credit damage. That can mean enrolling in a Debt Management Plan with a credit counselor provides less of a benefit. And 3 of the 4 creditors listed do not participate with credit counseling agencies like credit card banks do. Assume you could settle the above accounts for 12k or less. Is that something family will be able to help you with? Now consider you can file chapter 7 bankruptcy and get rid of all debts (and still keep your car while making payments on it), for under 2k. Bankruptcy wins the math test. But it has its benefits and drawbacks too. I would consult with an experienced bankruptcy attorney in your area, and then discuss all of these options with your family and determine what to do next.
When a judgment is being renewed is it worth doing a motion to vacate renewal? 2004 Charge off by original creditor Citibank. Original debt $17K
2005 SC dismissed against Resurgence (improper filing and service)
2007 through 2016 Defendant fee waivers granted
2007 Default Judgment entered by Resurgence for $23.5K
2008 Motion to Vacate DJ denied for Defendant
2009 thru 2016 back and forth litigation:
2009 Plaintiff “Resurgence” won garnishment”
2012 through 2016 Defendant granted Claims of Exemptions
2012 Principal debt of 17K paid thru garnishment and levy.
2012 Unemployed again (layoffs)
2013-2017 Underemployed, part-time work
2016 Plaintiff “Resurgence” sold debt to another Junk buyer “Frontline”
2017 No transfer of assignment on docket
2017 Plaintiff “Resurgence” application renewal for Judgment after sale of debt to “Frontline” for $23.5K 2017 Defendant future’s probability for gainful employment is not promising. Defendant is close to retirement and unable to secure gainful employment. Defendant struggling to survive and Defendant attempted to settle debt with Plaintiff “Resurgence” to no avail. There is no way that Defendant will be able to pay an additional interest and fees of $23.5k.. Thank you for your time and any suggestions. If you could reply as soon as possible it would be greatly appreciated since there is a deadline to respond to the application for renewal. Apologize for contacting so late in the process. Been researching and researching and came across your site and decided to give a try. Thank you again!
It looks like you already defended this at every turn. I am not sure what new you would bring to the court in order to prevent the judgment renewal. I would speak with an experienced debt collection defense attorney in your state, and one that has been at it a while too. They are going to be best able to respond to how your state courts, and your court specifically, is likely to rule.
Avant Balance 10,126.01 for Payoff on Feb.1.2017.
My monthly is 526.17!
APR is at 35.92%
Last payment was Jan. 22 for that amount.
Either lowering the monthly payment or total amount that has to be paid because of that APR. If I keep it up with those payments that 11000 loan will cost me 18000 approx.
I would be targeting settlement if it were me. Your credit is going to take a hit because you have to stop paying for several months before you can settle. Assume for a moment you could settle with Avant for 40 to 50 percent. How long until you can pull that money together?
If you cannot make the minimum required, and have creative ways to raise the lump sum to settle with Avant, that is the direction I would take if it were me. Call in for a consult if you want help at 800-939-8357 ext 2, or fill in the talk to Michael form in the right column and I will email you when I see that.
I haave 2 loans.
Avant $10,000. My monthly pay is $350.00 with a ridiculously high rate. I think $48.00 a month goes towards principle. Another loan i have is
One main financial $ 6000.00
Monthly pay $198.00
High high rate, $)21.00 a month towards interest.
NEVER LATE ON A PAYMENT I can not keep these up. Im 74 years old and just cant keep this up.
Ive tried a debbt consolidation loan, But can not get one.
Ive tried refinancing thru both companies but neither will allow me thru an application process.
You may have to let your credit score slip by missing payments in order to get them to settle for less, or file chapter bankruptcy. Neither Avant nor One Main currently work with nonprofit debt consolidation companies. Assume for a moment you could settle the 16k for 5 to 6 thousand. How long will it take you to pull that together?
I have a loan with a balance of 14000 last i checked. Im 2 months past due. I called to work payments out. I still cant afford. So nothing was done. I have not heard from them in a month. I was laid off and have under 1000 coming in a month now. What do you recommend.
I owe Lending club $23000, and Avant $23000 and have roughly $12,000 in credit card debt not sure what to do even filing a chapter13 is to expensive for me
Sometimes you can approach settling your debts one at a time, and over a period of time. But be careful that you do not take too long to raise the money. Assume for a moment that Avant will accept a 30% settlement. How quickly can you come up with roughly 8k? You can settle your other personal loan next, and then target your credit cards after that. You are welcome to submit the talk to Michael form in the right column to schedule a free phone consult. I will go over your settlement targets on each account, and the best timing.
can you tell me if avant will settle this will be my 1st month past due im already on the reduced lond term plan but can not afford it. i do have supporting documents for an unexpected medical situation i have been going thru this year and i just dont have the money to pay the 120.00 per month, loan amt is 5500
They may settle with you earlier than what is normal, but the savings available is not typically all that great. If you are unable to pay anyway, call in and see what they say. Let me know how it goes. I generally encourage negotiating personal loans at about 4 months late or later.
i have 3 things that I cannot pay and want to settle but im afraid they will get a judgment against me w/ out actually serving me and i cant afford my wage being taken.Do they always try to work things out first? I have one avant for 6000.00 and 2 capital one each for 4300.00. whats the lowest they will generally offer? and after how many months past due?ty for your help
I do see settlements with Avant for roughly a third of the balance. How quickly can you pull that together?
Last payment to Avant 12-02-2016I have a loan with Avant and have had my payment reduced thru a debt management company however they have not reduced my interest rate of 24.9% and have kept several payments applying them to interest only. The original loan amount was 35000 and after 14 payments I still owe 31000. Avant lowered my payments from 1140.00 per month to 913.00 by extending the loan term but will not negotiate the interest rate. They have also reported a 30 day late payment on my credit reports when the payments have never been over 30 days late and they refuse to correct this. The payment has become extremely difficult to manage and I am considering stopping payments to them to entice them to negotiate a more favorable repayment terms ( lower interest and lower payments). What is the best way to get Avant to reduce interest and negotiate a new repayment plan?
Fill in the talk to Michael form in the right column and I will email with you to set up a phone consult. If you are going to settle with them, you may need to factor the debt management plan you are on.
It has been a bad year. I have helped my mom for the past 4 years and it has drained me financially. She passed in June and I had funeral expenses, etc. I initially met with a bankruptcy attorney and realized my only option with them was Chapter 13…not a good option. I have a SoFi loan I am current on ($788/month- I’ve made 9 payments of 60- balance of $33,500) and a Lending Club loan I’m current on 4/36 @ $109/month- balance of $2,740). The SoFi loan scares me. If I stay current, I’m sure I’ll have trouble settling with the credit card companies. If I don’t, I can’t even afford a 50% offer so I’m not sure what to do. I have lived off credit card advances to make minimum payments on cards, totaling $24,000 and 9 accounts (Credit One-$1,824 & $420; Cap One- $1,969 & $670; First Bank Ram Card- $2,501; Merrick- $2,053; Citi- $4,571; Chase- $3,770 & $2,770; Barclay- $3,700), Is there a pecking order of these to attempt to settle? I can’t make any of these payments this month, so will be delinquent soon. I plan on trying to settle them. All cards are close to max and I have no more cash advance options. I traded both my vehicles three months ago for lesser models (cheaper) to save monthly payments. I don’t need them both but was so upside down I couldn’t get rid of ether. I need to let one go back to Toyota Financial Services. It is a 2017 Camry that I owe $40,334 on and it is worth about $24,000. I will miss my first payment on Nov. 1st, so not delinquent yet. I need to know how long they will go before the repo, and then how long before they will charge off the remainder and how I can possibly negotiate that? My payments have become more than I make, or very close, and that is if I don’t plan to eat. Chapter 13 was 60 months and I’m about as broke as I am now, so I feel I can do better on my own.
You have a lot to go over and be strategic with David. Fill out the talk to Michael form in the right side bar on this page. I will get that and email you to set up a phone consult.
I have been doing some research regarding my loan with Avant and came across your site. Recently, I’ve had some financial hardship due to making payments for my daughter to stay in college (her father did not come through on his part), so it has all fallen to myself and my daughter. I have not fallen behind on any of my payments for my loans or credit cards, but I am completely stressed and strapped as a single mother. I have a payment due next week with Avant that will be very difficult if not impossible to make, but I do not want to fall behind, impacting my poor credit (due to debt and divorce) any further.
I’d like to call Avant to see what they can do, but obviously, I’m not late nor have I yet to miss a payment so I’m not at a settlement state yet, but I need to see if I can lower my payments and get my astronomical interest rates reduced (32%). My payments are at $563 per month, and I could afford $300. Can you guide me through a conversation with Avant? Thank you.
You really have to call Avant and find out what type of temporary concession you can qualify for. I am not confident you will be able to reduce your payment all the way down to $300, but you could get close for a short window of time. Not everyone is going to qualify for a hardship with Avant. And you may have to be late with a payment before they talk about options that benefit you the most. Settling with Avant for less than your loan balance is going to hurt your credit. But sometimes you have to make that trade off. Do you have other debts that you struggle to meet minimums? If so, post those creditors and balances. Perhaps there is a more holistic way to look at your situation that I can help you with.
I asked Avant for help several times, including a personal letter to the CEO in which the credit department merely responded by telling me the status of my account, through a complaint at the Better Business Bureau, which resulted in the same, and the list goes on… it always results in how they do their best to accommodate my needs but refuses to do anything for me whatsoever. Meanwhile, I have 14 payments that are 90 days late and they are ruining my credit. I thought they were going to help me establish credit and I have the money to pay, I just can’t pay it off in one lump sum. Even if I could, my credit would remain the same. HOW do I negotiate with them to REMOVE the negative entries from my credit in exchange for payment in full? Can I sue them for not responding to my pleas for help?
If the credit reporting from Avant is accurate, current, and complete, they are meeting their requirement. Suing them would not likely lead to anything positive on your end. And you typically cannot pay to delete with a creditor like Avant. You may be looking at getting back on track with payments, and catching them all up to date, and then completing the pay off, which would at least keep the rest of the damage off your credit reports. You can also consider settling with Avant for less than the balance owed and getting your credit reports to show a paid collection. After 90 days of delinquency, that is sometimes going to be about as positive as catching it up, at least in the near term.
My Loan is with Avant borrowed 4500.00. Past due 4 months had loan over a year. Current balance 5200.00. Would like to settle. How low will they go?
Check out this video about how debt collectors view you based on your credit report. What you can negotiate a debt for can often be impacted by how collectable you look. Is this the only account you are not paying, or are there more?
My target for settling with Avant would be less than 50%. How long would it take you to raise the money?
Your in great shape to knock this down then. Let me know how it goes. If you run into trouble and want help, we do that too.
Hello,
I was able to settle with Avant they wanted $2800.00 but I was able to negotiate it down to $1600.00. I was also able to get the settlement letter from them before money exchanged hands. Thanks again
Was it difficult to negotiate? What types of questions did they ask? I’m looking to settle and am very nervous! Thanks for you input!
How much did you owe them?I borrowed 14,000. My loan payment is $663.89 per month.. I ended up losing my job. I called before falling past due and was offered $490.00 a month.. I still cannot afford this. I made 7 payments on time($4647.23) which you would think knocked the debt down.. it did not. My fault for not looking at the interest amounts. They gave me a month by placing it at end of loan.. well today I am now past due. I do not want to be sued, and I do not want to file bankruptcy when this is the only company that i am having difficulties with. I am considering debt consolidation but when I spoke with avant they told me the amount they would settle for is the same they offered me $490 a month. I read reviews that they still sue people who do consolidation. so this is also very scary.. Any suggestions on what I should do next?
You can settle with Avant. I would not recommend using the typical debt consolidation company though. The way many creditors view your relationship with a debt consolidation firm (read debt settlement company) can impair the savings results, and like you were told, lead to court where you could have avoided it otherwise. Fill in the talk to Michael form in the right column of this page so that we can email each other to set up a time to talk on the phone. I can outline what you are up against depending on the path you take to settle.
Will personify settle? I just signed up with debt settlement co., and have 8 creditors. I wasn’t behind but now 1 month behind with all. Personify worries me though. I only made one payment to Personify then going to miss second one. I have ability to save up $475 a month towards settlements. Hoping I won’t be sued. I’m 68, single, and I do not want bankruptcy.
Extra info: I have no house or property, own a 15 yr old car, an old 25 yr old camper, and a 4 yr old utv not paid for yet till 8/2020.
I am a little concerned when trying to settle an account with Personify, Avant, or similar lender, when you get the loan, but only make 1 payment before defaulting.
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